Country living.. This 3-bedroom 2-bath custom-built home, plus a 17.5’x 18.5’ heated Lanai. Situated on a large corner lot, with paved, dead-end street, NO REAR NEIGHBORS, minimal HOA fees!! The home offers an open floor plan with a vaulted ceiling in the living room. The kitchen has granite countertops, a huge pantry, a portable center island, and pull-out cabinet shelves for convenience. The laundry room includes a convenient inside sink and cabinet, and other storage cabinets. The PRIMARY MASTER SUITE has a spacious en-suite bathroom features double vanities, additional linen storage, plus pull-out drawers, and an over-sized, walk-in tiled shower with seat. The heated Lanai can be used for a variety of rooms, specific to your needs. The screened-in, 3-car garage is also a plus, as it not only has room for your vehicles and lawn equipment, it also has built-in shelves, and the drop-down ladder leads to the attic storage as well! The outdoor landscaping includes a private well and pump to save on monthly county water bills, there is a mature avocado tree. The pergola-covered patio provides a shaded area to sit, relax and watch the wildlife. All new appliances were added, new kitchen granite countertops, new roof were added in 2021. 27 solar panels to keep your power bills low, the solar will be paid off at the closing by the sellers. new Andersen, UV double-hung windows; and new entry door ensemble; new updated HVAC; and in 2024, a new water heater. The home has been repainted, inside and out. THIS HOME IS DEFINITY MOVE-IN READY!! There is an assumable VA loan with 2.55% interest, the current balance is $228,600. The sellers want their VA Entitlement back. Loan must be assumed by a Veteran.
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
Yes. Non-veterans can assume a VA loan, provided they meet the lender’s VA criteria. When a qualified buyer assumes a VA mortgage from a veteran or active-duty service member, the seller’s VA loan entitlement remains tied to the assumed loan until the buyer pays off or refinances the loan. This process restores the veteran seller’s entitlement, enabling them to use their VA benefit for a future home purchase.
Yes. All FHA loans are assumable by law as long as the buyer meets the FHA’s credit, income, and qualification requirements and obtain lender approval before assuming the loan (per FHA regulations effected December 15, 1989). Roam makes this process simple for buyers.
Generally, conventional loans are not assumable. In rare cases, a conventional loan may be assumable with lender approval. Use our search tool to find homes with assumable low-rate loans, or reach out to us if you’d like to confirm a specific home’s assumability.
